Tag: Treasury Department

How Revenue for Biden’s Social Policy Bill Depends on the I.R.S.

WASHINGTON — President Biden’s pledge to fully pay for his $1.85 trillion social policy and climate spending package depends in large part on having a beefed-up Internal Revenue Service crack down on tax evaders, which the White House says will raise hundreds of billions of dollars in revenue. But the director of the nonpartisan Congressional […]

Read More

I Bonds, Offering a Safe Space for Cash, Get a Big Rate Bump

As the country recovers from the pandemic, rising prices have become a worry for many Americans. But inflation has also driven up rates on some government savings bonds, creating an opportunity for people seeking a safe haven for their cash. New series I savings bonds, known as inflation bonds or I bonds, issued in the […]

Read More

Regulators Ask Congress to Create New Rules for Cryptocurrencies

WASHINGTON — Federal regulators say they urgently need more power from Congress to properly regulate stablecoins, a fast-growing type of cryptocurrency that they warn could result in bank runs, consumer abuse and payment snafus unless lawmakers act quickly, according to a report issued Monday by the Treasury Department. The call for congressional action comes at […]

Read More

How $2 Trillion in Tax Increases in Biden’s Bill Target Companies and the Rich

WASHINGTON — President Biden’s new plan to pay for his climate change and social policy package includes nearly $2 trillion in tax increases on corporations and the rich. But many of the more contentious and untested proposals that Democrats have been considering in recent weeks were left on the cutting-room floor. The latest proposal reflects […]

Read More

How Biden’s $2 Trillion in Tax Increases Target Companies and the Rich

WASHINGTON — President Biden’s new plan to pay for his climate change and social policy package includes nearly $2 trillion in tax increases on corporations and the rich. But many of the more contentious and untested proposals that Democrats have been considering in recent weeks were left on the cutting-room floor. The latest proposal reflects […]

Read More

Democrats to Scale Back Proposal for Banks to Report Account Balances to IRS

WASHINGTON — Senate Democrats on Tuesday, bowing to an aggressive lobbying campaign by the banking industry and pushback from Republicans, scaled back a Biden administration plan for the Internal Revenue Service to try to crack down on tax cheats. The new proposal, which would help pay for the expansive social policy and climate change bill […]

Read More

Treasury Warns That Digital Currencies Could Weaken U.S. Sanctions

WASHINGTON — The Biden administration warned on Monday that digital currencies posed a threat to America’s sanctions program and said in a new report that the United States needed to modernize how sanctions were deployed so that they remained an effective national security tool. The warning was included in a six-month Treasury Department review of […]

Read More

Biden’s Proposal to Empower I.R.S. Rattles Banks and Their Customers

Jim Reuter, the chief executive of FirstBank near Denver, said concerns about the potential provisions have bubbled up frequently, including over a coffee he had with a small-business owner in early October. “Their upshot is, ‘I pay my taxes, so why would you be sending additional information to the I.R.S.?’” Mr. Reuter recalled. “I said […]

Read More

Wonking Out: Coins and Credibility

Franklin Roosevelt took the United States off the gold standard soon after his inauguration as president in 1933. It was an essential move: The nation was in the midst of a banking crisis, and to end that crisis the Federal Reserve needed the freedom to print money as needed. But even some of Roosevelt’s own […]

Read More

The Debt Ceiling Crisis Doesn’t Have to Keep Happening

Reform the filibuster: As my colleague David Leonhardt explained, the filibuster is a Senate tradition, not a law, and a majority of senators can reform or end it at any time, as the chamber already has for judicial nominations. Biden called the option “a real possibility” on Tuesday. But a couple of Senate Democrats — […]

Read More

Finance Executives Say Risk of Default Is Already Damaging the Economy

President Biden met with finance executives on Wednesday as he continued to try to put maximum pressure on Senate Republicans to raise the debt ceiling before Oct. 18, the date the Treasury Department has said the United States would go into default. Shortly after the meeting, Senator Mitch McConnell, the minority leader, seemed to relent […]

Read More

What a Trillion-Dollar Coin Can Teach Us

Now that the U.S. government is once again at risk of defaulting on its debts because of an impasse over raising the debt ceiling, we’re back to arguing over whether minting a trillion-dollar platinum coin could save the day. For readers unfamiliar with this odd gambit: The idea is for the Treasury Department to direct […]

Read More

What the Debt Ceiling Means for Social Security and More

The federal government is about two weeks away from being unable to pay its bills — and that could delay benefit payments to tens of millions of retirees, Medicare and Medicaid providers, and numerous others receiving checks from the U.S. Treasury. Republicans in Congress are preventing Democrats from raising the federal borrowing limit, which could […]

Read More

Biden Calls Republicans ‘Reckless’ Over the Debt Limit Increase

WASHINGTON — President Biden excoriated Republicans on Monday for blocking his party’s efforts to raise the debt ceiling weeks before a projected government default, calling their tactics “reckless” and “disgraceful” and warning they risked causing “a self-inflicted wound that takes our economy over a cliff.” Mr. Biden, trying to convey the risks to everyday Americans, […]

Read More

Biden says Republicans are being ‘reckless’ over the debt limit increase.

President Biden urged congressional leaders to raise the debt ceiling on Monday, excoriating Republicans for what he said was “reckless” and “disgraceful” obstruction ahead of a default deadline later this month that he warned would amount to “a self-inflicted wound that takes our economy over a cliff.” Mr. Biden, trying to convey the risks to […]

Read More

As Need in Afghanistan Grows Dire, Aid Groups Plead for Help

KABUL, Afghanistan — The health care system in Afghanistan is on the brink of collapse, international aid groups warned this week, threatening to deepen the country’s humanitarian crisis just as temperatures begin dropping. Thousands of health care facilities have run out of essential medicines. Afghan doctors have not been paid in two months, with no […]

Read More

Yellen Warns Congress that Debt Limit Must by Raised by Oct. 18

Treasury Secretary Janet L. Yellen on Tuesday warned lawmakers of “catastrophic” consequences if Congress failed to soon raise or suspend the statutory debt limit, saying inaction could lead to a self-inflicted economic recession and a financial crisis. At a Senate Banking Committee hearing where she testified alongside the Federal Reserve chair, Jerome H. Powell, Ms. […]

Read More

How a Princeton Economist Teaches Resilience

An oak is strong. A reed is weak. But in a terrible storm, the oak is uprooted and the reed survives. Markus Brunnermeier, an economics professor at Princeton University, takes that metaphor from the French poet Jean de La Fontaine as the theme of his new book, “The Resilient Society.” His message: Like the reed, […]

Read More

The U.S. Debt Ceiling: Everything You Need to Know

WASHINGTON — As Congress continues to flirt with the idea of not raising or suspending the nation’s debt limit, economists and scholars are once again considering whether creative escape hatches like a trillion dollar coin or the invocation of the 14th Amendment might help the United States avoid a self-inflicted economic calamity. Republicans and Democrats […]

Read More